This is the news.
Its everywhere. Yes oil is soaring.
The irony of it all is the fact the government of India is still "pondering" on how to diffuse the crisis without impacting the "aam aadmi more than necessary". HELLO! The aam aadmi cant wait to pay Rs 17 odd extra for every litre of petrol. At least, this will make sure that there is petrol available to be bought! The current situation is so bad, that in the very likely event that prices are not raised, IOC, the largest marketer of petro products, will run out of supplies by September, as they cant afford to import any more.
Demand and supply are forces meant to balance each other. In the case of oil, due to gestation period involved in supply, and regular intervening of the governments, this cycle is distorted and takes years before turning around. somebody needs to see that.
It is a shame to see simple economics being defeated with politics time and time again. It is all in the best interest of the nation that prices are allowed to rise and pinch the pockets. It is then that other alternatives will be explored and worked upon to be made feasible. We have pushed it to the point where a crisis is inevitable. Its been like a pressure cooker where the pressure has been allowed to build continuously without any let off and its only waiting to explode. The sooner the heat is taken off the Oil majors, the lesser the impact the aam aadmi will have to face. Mr prime minister, are you listening?